In 1964 Stanton made a verbal tender offer of $111⁄2 per share for the company to buy back Buffett's shares. Buffett agreed to the deal. A few weeks later Buffett received the tender offer in writing, but the tender offer was for only $113⁄8. Buffett later admitted that this lower (undercutting offer) made him angry.[2] Instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton.
Even after 60 years, this activist means business!